There are times when it seems as if nothing helps to improve the financial outlook. After trying all sorts of methods to get out from under a mountain of debt, it may be time to have a word with a Bankruptcy Attorney in Sullivan Indiana. Discussing possible options will go a long way in helping the client understand if this is the most practical way to deal with a situation that seems to be getting worse rather than better.
Qualifying for Bankruptcy Protection One of the first things to discuss with the Bankruptcy Attorney in Sullivan Indiana, is whether or not the client meets the criteria for court ordered protection. This will involve taking a good look at the financial state of the client and comparing them to current laws that apply in the jurisdiction where the bankruptcy would be filed. Based on factors like the amount of debt and the income the client generates, it may be possible to file a Chapter 7 action and settle the debts without a lot of trouble. For people who do not qualify for a Chapter 7 action, there is the possibility of filing a Chapter 13 bankruptcy. This approach places the client under the protection of the court and sets up a repayment plan managed by the court. While it does not eliminate or settle any debt immediately, this action does typically involve tendering payments to the court that are within the ability of the client to manage.
Over a period of several years, all the debts are paid in full. Choosing the Best Approach If the client meets the criteria for both forms of personal bankruptcy, the attorney will point out the pros and cons associated with each approach. This makes it much easier for the client to make an informed decision regarding how to proceed. Once the course of action is settled, the attorney can take care of preparing all the necessary documents and file everything with the court. From there, it is a matter of cooperating with the trustee appointed by the court and complying with any other measures that are required. For those who do believe this is the most logical way to deal with debt, it pays to Visit the website and schedule a consultation. In a short amount of time, the process can be underway, and the client will begin to feel the financial stress begin to subside.